Why Not Consider Renting In Your Retirement?

 

Rent sign Have you considered renting in your retirement? There are a number of valuable benefits associated with renting during your golden years. It enables many people to cut costs whilst still maintaining an enviable, active lifestyle……so renting in retirement could be the way to go. Here are ten reasons for renting……

 

1. Greater Mobility

 

Renting gives you the opportunity of living in interesting new places without the hassle and cost of selling the home that you own. All you have to do is give notice and vacate when your lease is up. In a home situation, you would have to find an estate agent, prepare your home for sale, be around for viewings, wait for someone to make an offer, and then negotiate a deal, all before moving on to our next spot. There is a lot of uncertainty and worry involved. Renting is a simpler way to experience new locations in retirement without all the strings attached that come with owning a property.

 

2. Tap Into Your Home Equity

 

When you sell your home and become a renter, you can add the equity tied up in your home to your nest egg, which can significantly improve your retirement finances.

 

3. Downsize To Smaller Place

 

Once your children move out your home, you don’t need as much space, belongings and furniture. Downsizing to a living space more appropriate for your current needs can be additionally helpful if you move from a two storey to a single-storey home, for example there are no longer stairs to climb.

 

4. Lower Your Cost Of Living

 

Retirees no longer need to live in expensive areas near the office or in good school districts. Sometimes moving even a short distance can result in a drastically lower cost of living.

 

5. Outsource Home Maintenance

 

In many rental agreements, it is the landlord’s responsibility to maintain the property, including the lawn, exterior of the building and many of the appliances.

 

6. One Call For Repairs

 

When something breaks, you don’t have to spend your day finding a person to carry out the repair or get price estimates. You simply call the landlord or administration office and put in a maintenance request.

 

7. Live Near The Amenities You Use

 

You can relocate to a walkable location near stores, parks and recreational opportunities. It can be useful to base yourself near public transport facilities in case you reach a point when you no longer want to drive.

 

8. Relocate Near Family

 

Retirement can be an opportunity to move closer to your children and grandchildren, which saves on travelling expenses. You can also help with childcare and the family can help with your own care later in life.

 

9. Look For Age Related Features

 

Retirees can select apartments with amenities that will allow them to live independently for as long as possible. Features to look out for include apartments with a minimum amount of stairs, convenient laundry facilities, handles in the shower………

 

10. Extra Help Is Sometimes Available

 

Some senior housing arrangements allow you to live independently for as long as you are able to, and then offer increasing levels of services as you need them, such as nursing homes and long-term care. Many senior communities also offer the added bonus of social activities for residents and a chance to make friends. Everyone’s circumstances are different but I hope that there is something of interest for you in my post.

 

Cautionary Note

 

Rents have increased at more than twice the rate of earnings in the past year. The average rent in England and Wales is £753 a month, which is up by 1.6 per cent on the previous year. By contrast wages have risen by just o.8 per cent with average pre-tax pay being £1,941 a month

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